Sofinnova Ventures leads $50m Principia Biopharma Series B round


news_virus_lrgSofinnova Ventures has helped more than double outside capital raised by Principia Biopharma by leading a $50m financing round.

Existing backers Morgenthaler Ventures, New Leaf Venture Partners, OrbiMed, SR One and Mission Bay Capital also took part in the round.

Sofinnova general partner Srinivas Akkaraju has joined the company’s board of directors as part of the financing.

The company previously raised a $40m Series A round.

Akkaraju said, “In just over three years, the company’s prolific chemistry and biology platform has led to advancing multiple programs in the fields of autoimmune disease and oncology, with an exciting level of preclinical validation to date.

“I look forward to rejoining the board and working closely with the management team to execute on the clinical plan.”

OrbiMed private equity partner and Principia board chairman Peter Thompson added, “We believe that Principia holds the promise of discovering and developing small molecule drugs in a way that is superior to the traditional methods of the industry today.

“The potential to combine the convenience of an orally available small molecule together with the durable specificity of an antibody represents an exciting advance in therapeutics.”

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